Stagnant Iron and Steel Co. currently pays a $12.25 annual cash dividend (De). It plans to maintain the dividend at this level for the foreseeable future, as no future growth is anticipated. If the required rate of return by common shareholders (K) is 18 percent, what is the price of each common share? (Round the final answer to 2 decimal places.) Price of common share $ Rick's Department Stores has had the following pattern of earnings per share over the last five years: Year 20xU 2eXV 20XW 20XX 2OXY Earnings per share $15.00 15.90 16.85 17.86 18.93 The earnings per share have grown at a constant rate (on a rounded basis) and will continue to do so in the future. Dividends represent 40 percent of earnings. a. Project earnings and dividends for the next year (20XZ). (Do not round intermediate calculations. Round the final answers to 2 decimal places.) 2exZ Earnings Dividend b. If the required rate of return is 13 percent, what is the anticipated share price at the beginning of 20XZ? (Do not round intermediate calculations. Round the final answer to 2 decimal places.) Anticipated stock price